Barnet Councils latest punt with your money - the next big scandal in Barnet

Ex Council Leader Mike Freer lost £27.4 million of your money playing the markets.  He borrowed the money at one rate of interest and then invested it in Icelandic banks at a much higher rate of interest. The income this generated was used to fill holes elsewhere in his budget. It seemed like a masterful ruse, until all the Icelandic banks collapsed. His punt failed and we, the taxpayers of Barnet, had to pick up the cost. How did Mike Freer suffer for this? Well he didn't. He still got his £3,000 responsibility allowance for losing the money. Despite his sheer incompetence, his colleagues still laud the "magnificent job" he did.

You would think Barnet Council might have learned their lesson. Well it appears not. A Council official sent an email to a member of the public yesterday which said the following :-

The current market conditions are not favourable towards a disposal and indeed the Council is currently looking at buying properties.In fact the Deputy Chief Executive has specifically instructed the Investment Manager to find suitable properties and I will be assisting in this task.

 There you have it in black and white. Barnet Council is looking to invest in properties as they think it is a good time to buy. This is called gambling and they are doing it with your money. Lets get this right. The council has spare cash. They could  :-

a) keep the sheltered housing wardens
b) Give you a tax cut
c) Gamble it on your behalf on property

Now I was personally shocked that Barnet Council even has an "Investment manager", whilst I'm sure he's a fine chap and does a great job, this is our money. If I want a punt, I'll go to William Hill and spend it. If they were buying properties to fill the council housing shortage, I'd applaud them, but from the wording of this, it is clear as day that  this is not the purpose of the "Investment Manager" strategy, it is to exploit the state of the market. As we all know, property values can go up or down.

My message to Council Leader Lynne Hillan, Mike Freer and everyone else in the Tory cabinet. You are a council, not  a bookie. Stop gambling with our money. I just can't believe that they didn't learn their lesson after Iceland.

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If Barnet Council have sent you an email containing evidence of dodgy behaviour and you want the people of Barnet to know about it, email me BY CLICKING HERE.